Monero Not Spared, Drops 11% Despite Plans For This Gamechanging Privacy Feature
August 28 2024 - 7:30PM
NEWSBTC
Monero, one of the world’s most valuable privacy-focused networks,
is under immense selling pressure. XMR, its native currency, is
down 11% from this week’s highs, extending losses from June 2024.
Overall, XMR remains in a bullish formation, shaking off weakness
from Q1 2024, when the coin fell due to compliance reasons. Several
exchanges, including Binance, chose to delist Monero and other
privacy coins, citing the need to adhere to laid-out laws, mainly
in the United States. Boosting Privacy Features On Monero Through
FCMP++ Despite the recent sell-off, the Monero community remains
upbeat. On August 20, Monero developers said a pull request was
made to integrate Full-Chain Membership Proofs (FCMP++). The
feature further enhances Monero’s privacy, making it attractive for
users who wish to conceal their on-chain transactions. Related
Reading: New Memecoin Popcat Claws Its Way Up, Dominates Top 100
Cryptos With 62% Rally Before this update, Monero relied on Ring
signatures to hide the sender’s identity. To do this, Monero
obfuscates each transaction so that it appears to be sent from a
group of potential senders. Unlike Bitcoin, where a sender can
easily be picked out through Ring signatures, this makes it
rough for third parties to determine the actual sender. The
integration of FCMP++ on the mainnet takes this a level higher,
enhancing transaction privacy. Technical data shows that through
this integration, proving the output spent in a transaction, and
thus, the sender, will be even more challenging. If anything,
developers claim FCMP++ boosts the current anonymity set from 16 to
100 million. Therefore, third parties, including analytics
platforms like Chainalysis, would find it hard to trace XMR
transactions, translating to a higher level of confidentiality for
users who treasure privacy. XMR Remains Resilient Despite
Challenges Even so, the FCMP++ integration is a work in progress.
With the pull request, the relevant code must undergo a rigorous
review and further improvement. The goal is to ensure there are no
code flaws. However, once it is finalized, the feature will set a
new standard for privacy, further cementing Monero as a leader in
the scene. The exact timeframe for a complete merger on-chain
remains to be seen. However, what’s evident is that XMR bulls are
resilient despite the drop in liquidity following the delisting.
That Monero developers didn’t yield to exchanges’ pressure to
comply means the mission remains. As such, enthusiasts will
continue using the network. Related Reading: Buying Bitcoin Now Is
Like Getting It Below $10,000 In 2019: Experts On August 23,
developers unveiled a new user interface for Trezor wallet users.
The latest version, “Fluorine Fermi, ” supports Trezor Safe 5.
Feature image from DALLE, chart from TradingView
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